Masisa Issues UF Bonds

Chile’s Masisa has raised UF2m ($94m) in a domestic bond transaction that was 2x oversubscribed, according to sources familiar with the transaction. The board products manufacturer priced a UF1m 2017 tranche at 100.22 with a 5.00% coupon, to yield 4.95%, or government bonds plus 277bp, and a UF1m 2033 tranche at 98.14 with a 5.30% coupon, to yield 5.48%, or government bonds plus 288bp. Proceeds are marked for refinancing existing debt. BCI and Scotia led the deal, rated A minus on a national scale. Masisa is also understood to be looking next year to the international markets for additional refinancing.